Economy

  • Australia’s GDP contracts 1.9 per cent, beating market expectations

    Australia’s Gross Domestic Product (GDP) fell 1.9 per cent in seasonally adjusted terms in the September quarter of 2021, marking the third-biggest quarterly fall since records began in 1959. Despite the plunge, the fall is largely better than market expectations and covers the period where much of Australia was locked down as part of Delta-strain…

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  • Greece: Inflation at a 10-year high

    Inflation in Greece posted a decade high of 4.3% in November, according to estimates by the statistical office of the European Union, up from 2.8% in October and approaching the eurozone average of 4.9%. That rate concerned the European Union-harmonized rate that Eurostat uses for comparison purposes and, if it’s confirmed by the Hellenic Statistical…

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  • Greece records third lowest inflation rate in the EU

    Greece recorded the third lowest inflation rate in the European Union in October. More specifically, a report released by Eurostat on Wednesday showed that the consumer price index grew 2.8% in October, significantly lower compared with a 4.4% average rate in the EU. Eurostat said that the annual growth rate in the consumer price index…

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  • Greece will return to primary budget surpluses from 2023, IMF report says

    Greece will reduce its public debt this year and will return to primary budget surpluses from 2023, the International Monetary Fund in a report released on Wednesday. The IMF report projected that the general government’s deficit will reach 10.2% of GDP this year, from 10.5% in 2020, to drastically fall to 4.3% in 2022 and…

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  • Greek CEOs more optimistic about post-pandemic economy

    Greek CEOs are more optimistic over economic and business developments the day after the pandemic, KPMG said in a survey on the 2021 CEO Outlook. The survey is based on the views of 1,325 CEOs from 11 significant global markets and 50 CEOs from the Greek market. Specifically, 76% of Greek CEOs (and 60% globally)…

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  • Greece: Digital investment in islands

    Foreign investment funds discern significant investment prospects in Greece’s digital economy in terms of the further digitization of services and the property market. Julie Meyer, chief executive officer at Swiss investment platform Viva Investment Partners, tells Kathimerini that Greece constitutes a key opportunity for the creation of investment ecosystems where digital technology is the main…

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  • Greek economy to recover all of its 2020 losses in the 4th quarter of 2022

    The Greek economy is expected to recover all losses suffered in 2020 in the fourth quarter of 2022, with the country’s real GDP surpassing the 2019 level by 1.7 pct at the end of 2022, according to the provisions of the draft budget plan tabled in Parliament on Monday. More specifically, the country’s GDP is…

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  • Mitsotakis invites investors and diaspora business to Greece

    Greece’s return to growth and the reforms is has already carried out were the key points stressed by Prime Minister Kyriakos Mitsotakis during contacts in New York last week, inviting institutional investors and Greek diaspora business owners to invest in the country. Carried out on the sidelines of the United Nations’ General Assembly, these contacts…

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  • Moody’s upgrades long-term deposit ratings of four Greek systemic banks

    Moody’s Investors Service (Moody’s) on Monday upgraded the long-term deposit ratings of National Bank of Greece S.A., Eurobank S.A. and Alpha Bank S.A. to B2 from Caa1, and Piraeus Bank S.A.’s long-term deposit rating to B3 from Caa2. The outlook on the deposit ratings for all four banks is positive. The rating agency has also…

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  • Analysts and economists welcome PM Kyriakos Mitsotakis’ financial measures

    Analysts and economists have a favorable opinion of the financial measures Prime Minister Kyriakos Mitsotakis announced on September 11 at the Thessaloniki International Fair. They tell Kathimerini the tax breaks are targeted to boost growth and investments, without threatening fiscal stability, especially in the current environment where the rules are more relaxed. Zsolt Darvas, a…

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